User-Friendly urges Rand stockholders to vote against East transaction
User-Friendly Phone Book, the largest shareholder of Rand Capital Corporation owning 1,455,993 shares or approximately 23.0% of the Company, urged Rand shareholders to vote AGAINST the proposed transaction with East Asset Management, LLC using the WHITE proxy card at the special meeting of shareholders scheduled to take place on May 16, 2019. The company said, "Rand shareholders have a choice and the opportunity to exercise that choice by voting against the East deal. By voting against the transaction, Rand will be able to pursue a true strategic alternatives process that could lead to: 1. A higher and fairer offer from East Asset Management; 2. A higher and fairer offer from a third party; or 3. An orderly sale of Rand's portfolio Should Rand pursue an orderly sale of its portfolio, which as of March 31, 2019, had an NAV of $5.06 per share, User-Friendly believes that shareholders should demand that the salaries of Rand management be reduced by 50% and that the board should consider implementing incentive bonus structures equal to 2-3% of the value of the assets sold, if they are sold within 6 months, dropping to 1-2% if they are sold between 6-12 months."